A letting is where you rent out your property to tenants. There are a few different types of lettings in Edinburgh to choose from, and each one has its own benefits and liabilities.
Scottish lettings types include short-term, long-term, and commercial and student rentals. Understanding the different lettings types can help you determine the best option for your property.
Short-term lets
Short-term rentals are a great way to get a feel for an area before making a long-term commitment. They also give you the flexibility to move around until you find your ideal home.
Unlike hotels, short-term lets are often fully furnished and come with all the amenities you would expect from your home. They are also an excellent option for family vacations and quick trips.
However, there are some things you should keep in mind before you decide to rent a short-term apartment. Firstly, make sure you check that the landlord has all the necessary permits and licenses to run the property safely.
Long-term lets
Long-term lets are a good option for buy-to-let landlords looking for a little more stability than short-term options. This letting contract typically lasts for more than a year, and the tenants will be responsible for the bills, ensuring peace of mind for landlords.
The biggest drawback is the amount of time and effort it takes to manage these tenancies daily. This can be a significant drain on your energy levels and your bank balance.
The best way to decide which letting option is right for you is to consider your investment objectives, the location and the amount of time and effort you have available. Then, find the best match to your criteria using our handy tool. So if you’re considering a long-term let or a short-term splurge, get in touch with our team today! We’d love to help you make the most of your property. The most important part is that you know your stuff and that you have the correct information at your fingertips.
Commercial lets
The commercial real estate industry is a tough nut to crack, but the rewards are worth the effort. The most important aspect is getting the best deal possible for your money. A good broker can point you in the right direction. They should also be able to provide you with the relevant paperwork and documentation in a timely manner, such as tenancy agreements and property insurance certificates. The negotiating process will be less of a chore thanks to the legwork that has already been done for you.
Unlike residential properties, commercial buildings typically have a dedicated professional property manager in charge of everything from maintenance to security and advertising. As such, they tend to be a bit more organised and efficient when it comes to things like collecting rents, instructing contractors and providing a superior tenant experience. This is not only a benefit to you as a tenant, but also to the landlord in terms of property vacancies and tenant retention.
Student lets
Student lets are a great way to earn a regular income from your property, but they also require a bit more work than other lettings types in Edinburgh. You’ll need to spend time finding out legislation, what type of students you’re looking for and making sure your property is ready for them.
Students can be a lot more responsible than your average tenant, so they tend to take better care of your property. However, they’re not always the most reliable occupants, so you’ll need to be careful with your communication and stay on top of any complaints.
The main advantage of a student let is that you can usually secure tenancies months in advance, reducing the chances of your property being empty for long periods during the busy lettings season in Edinburgh. The downside is that finding the right tenants can be more complex, and the property damage risk is higher than with other lettings types.